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    Davie Yards confirms Cecon - its largest customer - has problem with credit line

    News // January 21, 2009

    Davie Yards in Canada has confirmed that it has been advised by its largest client, Cecon ASA in Norway, that Cecon has received a notice of cancellation of its US$200 million senior secured credit facility from the participating lenders and DnB NOR Bank ASA as agent.

    As a result, Cecon has advised that its board of directors will actively consider and pursue all available strategic and financing options and has retained First Securities and Pareto Securities as financial advisors to assist it in reviewing all options open to it.

    Davie Yards only recently secured financial assistance from the government of Canada, having had a troubled period itself in the last 12 months which required it renegotiate terms with Cecon and Ocean Hotels, another customer.


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